An empirical analysis of the annuity rate in Chile

An empirical analysis of the annuity rate in ...
Roberto Rezende Rocha, Roberto ...
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Last edited by MARC Bot
December 17, 2020 | History

An empirical analysis of the annuity rate in Chile

"Empirical analyses of annuities markets have been limited to a few industrial countries and restricted by data limitations. Chile provides excellent conditions for research on annuities because of the depth of its market and the availability of data. The authors use a panel of life insurance company data to examine econometrically the main determinants of the annuity rate, defined as the internal rate of return on annuities. The results indicate that the annuity rate is determined by the risk-free interest rate, the share of privately-issued higher yield securities in the portfolio of providers as a proxy for the spread over the risk-free rate, the leverage of providers, the level of broker's commissions, the market share of individual providers, the level of the premium, and the degree of market competition. The results also show that efforts to improve market transparency produced structural shifts in the parameters of the annuity rate equation. The results are consistent with separate research on money's worth ratios, and indicate the need to develop appropriate financial instruments, allowing providers to hedge their risks while extracting higher returns, and also to ensure competition and transparency in annuities markets, in order to ensure good outcomes for annuitants. "--World Bank web site.

Publish Date
Publisher
World Bank
Language
English

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Book Details


Edition Notes

Title from PDF file as viewed on 9/1/2006.

Includes bibliographical references.

Also available in print.

System requirements: Adobe Acrobat Reader.

Mode of access: World Wide Web.

Published in
Washington, D.C
Series
Policy research working paper -- 3929, Policy research working papers (Online) -- 3929.

Classifications

Library of Congress
HG3881.5.W57

The Physical Object

Format
[electronic resource] /

Edition Identifiers

Open Library
OL31759311M
LCCN
2006618528

Work Identifiers

Work ID
OL24061034W

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December 17, 2020 Created by MARC Bot import new book